The announcement led to the Wipro scrip rising 0.79 per cent, or Rs 3.10, to Rs 394.35 on the BSE.

Last month, Wipro had announced that it would demerge its non-IT businesses such as consumer care and lighting into a new company.

The unlisted firm, to be called Wipro Enterprises, will include Wipro Consumer Care & Lighting (including the furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and medical diagnostic product and services business.

Wipro will issue shares of the unlisted company to its minority shareholders. Its resident Indian shareholders have been given multiple options. They can either opt for one equity share of the new entity for every five shares of Wipro or one 7 per cent redeemable preference share of Wipro Enterprises for every five shares of Wipro.

Each preference share will have a maturity of 12 months and can be redeemed at a value of Rs 235.20.